Hyderabad-based socks maker Filatex Fashions Ltd has agreed to acquire fashion e-commerce site Vogue4all.com, marking its entry into the growing e-retail market in India, a top company executive said on Thursday.

The actual acquisition cost will be Rs 20 crore (about $3.2 million), while the company will be investing another Rs 20 crore ($3.2 million) for its maintenance, a large chunk of which will go for advertisement, Prabhat Sethia, managing director of Filatex, said at the AGM.

Vogue4all.com currently focuses only on women's fashion and is a multi-brand site. Filatex Fashions is also looking to re-brand and re-launch the two-year old e-commerce site.

The acquisition is expected to complete within a month. The re-branding and re-launching are expected to be completed over six months.

Once the whole process is completed, the new company will be headquartered in Hyderabad.

Vogue4all is a little known e-com property run by Kolkata-based Urban Merchantile Pvt Ltd and is not anywhere in contention when it comes to the fast growing lifestyle e-com vertical in India. The market has consolidated around the top two which is Myntra and Jabong, not necessarily in that order.

Then there are several other players which are either doing private labels or multi-brand lifestyle apparel and accessories e-tailing.